Canaan allocates US$130M crypto reserve for buybacks
- Canaan approved a US$30 million share buyback funded by its US$130 million crypto reserve.
- The company held about 1,484 Bitcoin (CRYPTO:BTC) and 17,544.8 Ether (CRYPTO:ETH) at the end of June.
- Canaan said the buyback aims to improve shareholder returns while keeping its long-term crypto reserve strategy.
Canaan approved a US$30 million share buyback programme funded through its US$130 million cryptocurrency reserve.
The company held about 1,484 Bitcoin (CRYPTO:BTC) and 17,544.8 Ether (CRYPTO:ETH) at the end of June.
The board approved the buyback on August 5, allowing Canaan to repurchase American depositary shares over 12 months.
The company said it can fund the programme from its crypto reserve without changing its long-term digital asset strategy.
Canaan said it may repurchase shares through open-market purchases, private transactions or other permitted methods.
The company said the timing and amount of repurchases will depend on market conditions, share prices and regulatory requirements.
The decision highlights how crypto-related companies are increasingly using digital asset holdings to support capital management and shareholder return programmes.
